Fourth Quarter and Fiscal Year Results

Revenues for the fourth quarter were $182.3 million compared to $181.0 million for the same quarter last year, an increase of 0.7 percent. Net income for the fourth quarter was $16.3 million, or $0.63 per diluted share, compared to net income of $10.2 million, or $0.40 per diluted share, for last year's fourth fiscal quarter.

Earnings for the fourth quarter of fiscal 2015 were positively impacted by a favorable effective tax rate of 14.5% compared to 39.0% in the fourth quarter of the prior year.  The full year fiscal 2015 effective tax rate was 27.9% compared to 36.5% in fiscal 2014.  

For the twelve-month period, the Company reported revenues of $816.7 million compared to $751.7 million for the comparable period last year, an increase of 8.6 percent.  Net income for the twelve months was $64.9 million, or $2.52 per diluted share, compared to $59.6 million, or $2.32 per diluted share in the comparable period of last year. 

Our backlog at the end of the 2015 fiscal year was $332.6 million. Backlog at the end of the prior year was $325.0 million and $300.3 million at end of third quarter fiscal 2015.  Incoming orders for the year were $824.3 million while shipments for the year totaled $816.7 million, resulting in a book to ship ratio of 101 percent. Of the backlog of $332.6 million, 24 percent will be delivered outside of the U.S.
 

Energy Segment

Revenues for the Energy Segment for the fourth quarter of fiscal 2015 were $97.2 million as compared to $103.5 million for the same quarter last year, decreasing 6.1 percent.  Operating income for the segment increased 6.0 percent to $9.8 million compared to $9.2 million in the same period last year. Operating margins for the fourth quarter were 10.1 percent for the quarter as compared to 8.9 percent in the prior year period. For fiscal 2015, revenues increased 10.1 percent to $458.3 million and operating income decreased 13.1 percent to $38.7 million compared to $416.1 million and $44.5 million respectively, in the prior year period.  Operating margins for the 2015 fiscal year were 8.4 percent as compared to 10.7 percent in the prior year period, and were affected by costs related to our previously announced realignment program and certain cost overruns on projects recognized in the second quarter of fiscal 2015.

Galvanizing Services Segment

Revenues for the Company's Galvanizing Services Segment for the fourth quarter were $85.1 million, compared to the $77.5 million in the same period last year, an increase of 9.8 percent.    Operating income was $20.3 million as compared to $18.7 million in the prior period, an increase of 8.8 percent. Operating margins for the fourth quarter were 23.9 percent, compared to 24.1 percent in the same period last year.  For fiscal 2015, revenues increased 6.8 percent to $358.3 million and operating income increased 0.9 percent to $88.6 million compared to $335.6 million and $87.8 million respectively, for the twelve months of the prior fiscal year.  Operating margins for the 2015 fiscal year were 24.7 percent compared to 26.2 percent in the prior year period, and were negatively impacted by higher zinc costs and severe weather conditions.

For the full report, vist www.azz.com.
 

AZZ incorporated is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.